Question & Answer

Name some of the principal bonding materials used in grinding wheels

You assemble the following information for Seneca Department Store, which computes its inventory under the dollar-value LIFO method. Cost Retail Inventory on January 1, 2014 $216,000 $300,000 Purchases 364,800 480,000 Increase in price level for year 9% Instructions Compute the cost of the inventory on December 31, 2014, assuming that the inventory at retail is (a) $294,300 and (b) $365,150.

True centrifugal casting is performed horizontally to make large diameter copper tube sections. The tubes have a length = 1.0 m, diameter = 0.25 m, and wall thickness = 15 mm. (a) If the rotational speed of the pipe = 700 rev/min, determine the G-factor on the molten metal. (b) Is the rotational speed sufficient to avoid \"rain?\" (c) What volume of molten metal must be poured into the mold to make the casting if solidification shrinkage and contraction after solidification are considered? Solidification shrinkage for copper = 4.5%, and solid thermal contraction = 7.5%

Gingrich Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2014 $2,400,000 Fair value of pension plan assets, December 31, 2014 2,725,000 Contributions to the plan in 2014 280,000 Benefi ts paid retirees in 2014 350,000 Instructions From the data above, compute the actual return on the plan assets for 2014.

Using the facts in problem 62, could Adam and Tom lower their payroll tax exposure if they operated their business as a partnership?  Why or why not?

The comparative balance sheets for Hinckley Corporation show the following information. December 31 2014 2013 Cash $ 33,500 $13,000 Accounts receivable 12,250 10,000 Inventory 12,000 9,000 Investments –0– 3,000 Buildings –0– 29,750 Equipment 45,000 20,000 Patents 5,000 6,250 $107,750 $91,000 Allowance for doubtful accounts $ 3,000 $ 4,500 Accumulated depreciation—equipment 2,000 4,500 Accumulated depreciation—building –0– 6,000 Accounts payable 5,000 3,000 Dividends payable –0– 5,000 Notes payable, short-term (nontrade) 3,000 4,000 Long-term notes payable 31,000 25,000 Common stock 43,000 33,000 Retained earnings 20,750 6,000 $107,750 $91,000 Additional data related to 2014 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000. 4. On January 1, 2014, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,000 (net of $2,000 taxes). 5. Investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,000 and income taxes of $6,500 were paid in cash. Instructions Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country.

Assume that in addition to renting the condo for 100 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $30,000 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and that her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home.

Cost function and assumptions Express Lunch is a small food van that sells a variety of sandwiches and beverages. Total fixed costs are $20 000 per month. Last month total variable costs were $8000 when total sales were $32 000.   Required (a)          Write out the algebraic expression for the cost function. (b)          What assumptions do we make when we develop this cost function?

List the stages of extrusion blow molding according to the video.

Under what circumstances would the market demand for renting a type of capital equipment be (a) elastic; (b) inelastic?

Grayson (single) is in the 24 percent tax rate bracket and has the sold the following stocks in 2024:

What are some of the principal abrasive materials used in grinding wheels?

What is the aspect ratio of a cubic particle shape?

Assume the same information as E19-14, except that at the end of 2013, Jennifer Capriati Corp. had a valuation account related to its deferred tax asset of $45,000. Instructions (a) Record income tax expense, deferred income taxes, and income taxes payable for 2014, assuming that it is more likely than not that the deferred tax asset will be realized in full. (b) Record income tax expense, deferred income taxes, and income taxes payable for 2014, assuming that it is more likely than not that none of the deferred tax asset will be realized.

How do the tax consequences of S corporation liquidating distributions differ from the tax consequences of S corporation operating distributions at both the corporate and shareholder levels?

What are unemployment taxes?

Identify some of the properties for which aluminum is noted?

Benjamin, a self-employed bookkeeper, takes a CPA review course ($3,000 cost) to help prepare for the CPA exam.    a. Use an available tax research service to determine if Benjamin may deduct the cost of the CPA exam course.   b. Write a memo communicating the results of your research.

Resistance projection welding is used to simultaneously weld two thin, steel plates together at four locations. One of the pieces of steel plate is preformed with projections that have a diameter of 0.25 in and a height of 0.20 in. The duration of current flow during the weld is 0.30 sec and all four projections are welded simultaneously. The plate steel has a unit melting energy of 140 Btu/in3 and a resistance between plates of 90.0 micro-ohms. Experience has shown that 55% of the heat is dissipated by the metal and 45% melts the weld nugget. Assume the volume of the nuggets will be twice the volume of the projections because metal from both plates is melted. How much current is required for the process?

Below is the Retained Earnings account for the year 2014 for Acadian Corp. Retained earnings, January 1, 2014 $257,600 Add: Gain on sale of investments (net of tax) $41,200 Net income 84,500 Refund on litigation with government, related to the year 2011 (net of tax) 21,600 Recognition of income earned in 2013, but omitted from income statement in that year (net of tax) 25,400 172,700 430,300 Deduct: Loss on discontinued operations (net of tax) 35,000 Write-off of goodwill (net of tax) 60,000 Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2014 (net of tax) 23,200 Cash dividends declared 32,000 150,200 Retained earnings, December 31, 2014 $280,100 Instructions (a) Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2014 to compute net income. (b) State where the items that do not appear in the corrected retained earnings statement should be shown.

What is the difference between horizontal and vertical equity?  How do tax preferences affect people’s view of horizontal equity?

Compare the federal income tax to sales taxes using the “certainty” criterion.

Fatima pays $120,000 cash for Brittany’s one-third interest in the Westlake Partnership. Just prior to the sale, Brittany’s basis in Westlake is $96,000. Westlake reports the following balance sheet: Assets: Tax Basis FMV Cash $ 96,000 $ 96,000 Land 192,000 264,000    Totals $ 288,000 $ 360,000 Liabilities and capital: Capital- Amy 96,000 - Brittany 96,000 - Ben 96,000   Totals $ 288,000 a. What are the amount and character of Brittany’s recognized gain or loss on the sale? b. What is Fatima’s basis in her partnership interest? What is Fatima’s inside basis? c. If Westlake were to sell the land for $264,000 shortly after the sale of Brittany’s partnership interest, how much gain or loss would the partnership recognize? d. How much gain or loss would Fatima recognize if the land were sold for 264,000? e. Suppose Westlake has a §754 election in place. What is Fatima’s special basis adjustment? How much gain or loss would Fatima recognize on a subsequent sale of the land in this situation?

The following information is available for Remmers Corporation for 2014. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $120,000. This difference will reverse in equal amounts of $30,000 over the years 2015–2018. 2. Interest received on municipal bonds was $10,000. 3. Rent collected in advance on January 1, 2014, totaled $60,000 for a 3-year period. Of this amount, $40,000 was reported as unearned at December 31, 2014, for book purposes. 4. The tax rates are 40% for 2014 and 35% for 2015 and subsequent years. 5. Income taxes of $320,000 are due per the tax return for 2014. 6. No deferred taxes existed at the beginning of 2014. Instructions (a) Compute taxable income for 2014. (b) Compute pretax financial income for 2014. (c) Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes   for 2014 and 2015. Assume taxable income was $980,000 in 2015. (d) Prepare the income tax expense section of the income statement for 2014, beginning with “Income before income taxes.

An extruder has a barrel diameter of 3.5 in and a length of 5.0 ft. It has a screw channel depth of 0.16 in and a flight angle of 22°. The extruder screw rotates at 75 rev/min. The polymer melt has a shear viscosity = 65 x 10-4 lb-sec/in2 at the operating temperature of 525°F. The specific gravity of the polymer is 1.2 and its tensile strength is 8000 lb/in0.11 lb/sec. The density of water is 62.5 lb/ft3 . (a) Find the equation for the extruder characteristic. (b) Find the operating point (Q and p), and (c) the die characteristic that is indicated by the operating point . A T-shaped cross section is extruded at a rate of